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Chinese stocks moved in a narrow range on Wednesday, while Hong Kong shares tracked small gains by Asian peers ahead of the festive season, as further relaxations of COVID-19 curbs by China marginally improved investor confidence.

Hong Kong's Hang Seng Index added 0.34 percent, or 65.69 points, to 19,160.49.

China's blue-chip CSI 300 Index was flat, while the Shanghai Composite Index dipped 0.17%, or 5.36 points, to 3,068.41. Shenzhen Composite Index on China's second exchange fell 0.47 percent, or 9.29 points, to 1,969.79.

Asian stocks, trying to get into a festive mood, managed small gains. Even Japan's Nikkei lifted off the two-month low it hit after the Bank of Japan's (BOJ) surprise decision to loosen its tight leash on government bond yields.

Meanwhile, China's healthcare system was put to the test as COVID cases spiked. Dozens of hearses queued outside a Beijing crematorium on Wednesday, even as the country reported no new COVID-19 deaths.

"Despite possible heightened disruptions to the economy from the impact of COVID-19 in the near term, we believe that economic growth will likely recover quarter by quarter and surpass 5% in full year 2023, and risk assets will likely post good performance," CICC analysts said in a note.

The United States on Tuesday indicated it stood ready to assist China with its surging COVID-19 outbreak, warning that an uncontrolled spread there might have implications for the global economy.

(Reuters and AFP)

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China stocks flat, Hong Kong inch higher on border reopening hopes